The audit committee is a key element of corporate governance structure in organizations. It is typically comprised of independent directors who oversee financial reporting processes, internal controls, and the company's external audit function. The main responsibilities of the audit committee include reviewing financial statements, overseeing the external audit process, monitoring compliance with regulatory requirements, and evaluating the effectiveness of internal controls. The audit committee plays a crucial role in enhancing transparency and accountability within the organization, ensuring the accuracy and reliability of financial reporting, and protecting the interests of shareholders.